State offers loans to businesses

A new state loan program designed help entrepreneurs and small businesses is now accepting applications.

Iowa businesses with less than 35 employees can get a loan up to $50,000 from the Iowa Small Business Loan program.

The program is limited to businesses owned and actively managed by Iowans.

State officials say the loans will be for upgrading or modernizing equipment, transportation, energy efficiency and other purposes.

Gov. Chet Culver’s staff says the Iowa Department of Economic Development has contracted with the Iowa Foundation for Microenterprise and Community Vitality to help with the credit review process and provide recommendations regarding loan decisions.

Brent Willett, executive director of both the Fairfield Area Chamber of Commerce and the Fairfield Economic Development Association, added the interest rate of 3.9 percent drops to 2 percent if the loan is combined with at least one-third financing from a local lender.

Willett said for more information about the program and to begin the application process, visit ISBLoan.org or contact Bryan Ziegler at the Indian Hills Small Business Development Center at 641-683-5127 or bziegler@indianhills.edu.

Willett also can be contacted for information at 472-2111.

Information from The Associated Press was used in this article.

For the complete article, see the Wednesday, Aug. 4, 2010, printed edition of The Fairfield Ledger.